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Paul Harris, CFA , Portfolio Manager and Partner

Avenue Investment Management

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Economy. The strength of the US$ has a lot of implications for the Fed. It creates a tightening of monetary policies. He thinks it is going to be very hard for them, in an environment like this, to increase rates. Also, the Chinese Yuan has gone up a lot and there is talk that maybe they are going to let the currency slip a little. The US has to think about where the rest of the world is and how they fit into that picture. He thinks they will put off increasing rates until September, and maybe into 2016. Europe appeals to him. There are a lot of exporting companies in Europe, so he can see a lot of opportunity.

Great company with a dividend yield of 2.07%. Trading at about 14 or 15 times earnings. Have real great products in the kidney area and cancer research. Also, have some great products coming through the pipeline. Feels they are committed to keeping cost structure down, increasing operating margins, increasing dividends and doing share buybacks. Also, have a good cholesterol drug that is coming out now.

(A Top Pick March 26/14. Down 5.57%.) This bank has lots of capital, but the issue is, can they maintain it. The Fed was unhappy with what would happen to their revenue and their capital structure, if something happened to the economy. Thinks they were smart to buy back their shares instead of increasing the dividend. He still likes it.

He doesn’t like this company and has never owned it. It took a bet on the C series plane, and they poorly executed on it. They actually don’t have enough orders to start production. Had massive overruns. They’ve had to cut their dividend and do an issue in order to clean up their balance sheet a little.

A great company and did a very good job of taking a lot of costs out. Also, their TV and wireless businesses have grown very nicely. Trading at about 17X earnings with a dividend of almost 4.5%. They can continue to grow their dividends. The big issue is that they have a lot of media assets, and you have to see if they all work out in the end.

Has done a very good job of cutting costs and with their ITV business. Just did a big acquisition on the wireless side. The issue for him is that they compete with BSkyB because they have the premier league soccer, which they paid a lot of money for. He is not sure if this is going to hurt them in the long run. Sports are very competitive and costly. Pays a nice dividend.

Sold his holdings a couple of years ago. What he had liked was that it was an oligopoly in the movie business. Concessions have been a great thing for them. The Met Opera shows have done incredibly well. They have really experimented with their screens and how to use them effectively, and have done a very good job with that. Pays a nice dividend. The big risk would be whether the blockbuster movies take off. It is hard for him to see where the growth comes from, unless there is a great year in the movie business.

Oil will probably go down a little bit more from here. Thinks you would be better off with a Canadian Natural Resources (CNQ-T) or Suncor (SU-T) which have much better balance sheets, better businesses and better management. If you think oil is going to be higher in the next couple of years, this gives you a real chance to look at these companies, and buy really great companies.

(A Top Pick March 26/14. Up 4.94%.) He likes the story. Thinks the agricultural/commodities have been down which has hurt them. He is very comfortable with this, and you are not paying a lot of money for the good dividend.

Was facing a lot of pressure with PayPal, and eventually split the business up. Facing a lot of competition from other players in the marketplace, so the stock has gone sideways over the last little while. Doesn’t think you will get growth out of this. He would consider buying PayPal when it goes public.

A Canadian leasing company including rail, commercial, fleet and aviation. They certainly understand the business. Acquired a company from the US, which is going to give them good US growth. Years ago there were a number of players that had to leave the leasing business, so there is a great opportunity for this company to grow nicely. Trading at about 14-15 times next year’s earnings.

Not an expensive stock. Trading at 15X earnings. Really nice dividend yield of about 3.5%. His problem with the company is the reality of what drove them to high multiples, which was GE Capital. That is now being sliced and diced and pushed out of the business. They had a move to the oil/gas business in a way and that is hurting them. Feels it is fairly priced at these levels.

An oil/gas servicing company. A drilling company with a technology bent. They have technology that goes into a drill bit which allows them to send data back, giving live data constantly. They cut their dividend and brought down their debt. Dividend yield of 12%.

Still likes this. Not expensive. Trading at about 15X earnings and pays a nice 2.4% dividend. Also, doing a $10 billion buyback. Had some issues with China on their licensing deal, but that has been solved in the last little while. Revenues are really flat this year, but will actually increase nicely next year. Very integral to the whole smart phone business, which is really the growth area in many ways.

Big in offshore drilling. You could make a case that the value of the rigs is worth more than the share price right now. Oil/gas business is in a difficult environment, especially on the offshore side where costs are much higher. Expects oil will go down a little bit more when you will have a better opportunity to buy it.

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